What happened: Fisker told CNBC that Bitcoin is not “a sustainable solution” but did not rule out never accepting cryptocurrency, adding that it is not a priority for starting the electric vehicle.
The CEO of the Californian company echoed Tesla Inc (NASDAQ: TSLA) CEO Elon Musk’s concerns regarding the use of fossil fuels for Bitcoin mining. Musk announced last week that Tesla has suspended acceptance of Bitcoin as payment for its vehicles.
“It’s not eco-friendly and we wouldn’t do that,” Fisker told CNBC, adding that no one can guess the currency’s position in five years and it’s not something to which he wants to concentrate for the moment.
See also: Elon Musk ignites Twitter as he engages in war of words with Bitcoin advocates
Why is this important: Fisker said the high energy consumption generated by Bitcoin does not match his company’s goal of making “the most sustainable vehicles in the world.”
Fisker has no sales or cars in production yet, and its first electric vehicle launch is slated for late next year.
Cryptocurrencies have come under the spotlight after Musk’s recent tweets sent Bitcoin prices on a wild ride.
Tesla bought $ 1.5 billion Bitcoin (CRYPTO: BTC) in the first quarter and sold about 10% of the position, earning it a profit of $ 101 million.
Price action: Fisker shares closed up 6.86% at $ 11.22 on Monday and were down 2.67% in extended hours.
Read more: Tesla had a major bull in Cathie Wood’s ark. Now the two disagree on Elon Musk’s Bitcoin stance
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Photo by Eric Graciano sur Wikimedia